2023-8-30 23:38 |
Bitcoin Cash price staged a strong comeback on Tuesday after the latest Securities and Exchange Commission (SEC) setback in the United States. The BCH price soared to a high of $227.97, the highest level since August 16th. Like Bitcoin, the BCH coin has jumped by double-digits from the lowest level this month.
SEC vs Grayscale lawsuitThe key driver for the Bitcoin Cash price rebound was the outcome of the long-running court case between the SEC and Grayscale Bitcoin Trust. Thus lawsuit emerged when the SEC denied the company’s request to convert the $20 billion GBTC Trust into a spot Bitcoin ETF.
As I wrote here, a court ruled in favour of Grayscale, in a decision that could lead to the first spot Bitcoin ETF in the United States. The decision came a few days before the SEC is set to deliver its decision on other ETF proposals by the likes of Invesco and Blackrock.
Analysts believe that the agency will decide to either give permission for these funds or delay as it assesses the Grayscale court case. Either way, analysts believe that a low-cost spot BTC ETF is on the way.
Watch here: https://www.youtube.com/embed/_x-bN_tEBzg?feature=oembedBitcoin Cash price jumped as investors predicted that several companies will file for a BCH ETF in the coming months. A BCH ETF seems like a clear choice because the coin was created as a fork of Bitcoin. This means that they use the same technology, meaning that the SEC will find it difficult to reject it.
BCH price also rose after the relatively weak American consumer confidence and jobs vacancies data. Consumer confidence fell for the first time in three months while the number of job vacancies fell to the lowest level since 2021.
These numbers mean that the Federal Reserve could reconsider delivering another interest rate hike in September. The money market sees one more hike this year followed by a few cuts in 2024. Looking ahead, there is a likelihood that the Bitcoin Cash price will rise to the key resistance at $247.
Chancer raises $1.6 million in its token saleMeanwhile, the Chancer token sale gained steam after the SEC vs Grayscale lawsuit. As cryptocurrency prices jumped, the developers raised thousands of dollars, bringing the total funds raised so far to $1.69 million. This means that the creators will reach the initial target of $2 million in the coming weeks. You can buy the $CHANCER token here.
For beginners, Chancer is a new company that aims to become the biggest player in the decentralized sports betting and prediction market. It is an innovative project that will democratize this industry, which is estimated to be worth over $85 billion in 2022.
Chancer will embrace the decentralized autonomous (DAO), which will give $CHANCER holders a say in most decisions. They will also get a chance to share profits generated by the platform.
Most importantly, Chancer holders will also create their markets, livestream them, and make money as people place these bets. By using blockchain technology, the developers aim to make it more accessible to more people from around the world.
The post Crypto price prediction after the Grayscale ruling: Bitcoin Cash, Chancer appeared first on Invezz.
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